Cyprus Central Bank Postponed Banks Opening
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Cyprus Central Bank Postponed Banks Opening

The Cyprus banks’ opening was put off to the 28th of March. Earlier it was announced that the Cyprus banks recommence operating today.

Yesterday the EU finance ministers approved the financial aid plan for Cyprus on terms of the bank sector restructuring. In the result the Bank of Cyprus depositors may loose 30% of their deposits at the amount starting from EUR 100.000.

Russian Federation, which refused financial aid for Cyprus earlier, decided to support the country now, following the EU. Yesterday Russian president Vladimir Putin commissioned the government with considering the restructuring of the loan of EUR 2.5 bln granted to the Cyprus earlier. According to the Ministry of Finance, the loan prolongation and the interest rate reduction from 4.5% to 2.5% will be equal to writing off 10% of the debt.

Meanwhile, the Netherland’s finance minister stated that the bank deposits levy might be introduced not just in Cyprus, and provoked, ipso facto, the fall of European banks’ shares.

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